It's a balance since a level of technical knowledge is needed for sound quality.Tools vary based if you're Mac or PC.Here's an easy setup:

Each person uses Audacity (audacity.sourceforge.net) to record their microphone as you're all talking on Skype or wherever.Then all the audio is sent to one person who puts it together (can be done in audacity too) and exported as an MP3.I would also highly suggest using The Levelator (conversationsnetwork.org) to even out all the sound.It's a free, semi-pro tool, and works wonders.The great thing about podcasting is once you get the audio tech down to a system, you never have to think about it.You can just focus on making the best show possible.Your workflow for post-production would never change.

Would you recommend Audacity over Audio Hijack Pro?I ask based on a Mac setup using mostly Skype.Also, in your personal opinion, how would you rate the opportunity to start a new podcast?Is the space too densely populated?

If you have Audio Hijack, then you're golden.Just use that.Audacity is free and cross platform.That's why I mentioned it.There's a ton of podcasts out there, so your challenge will be getting the word out.Best thing is to make a promo and ask to swap / play promos with other shows that may have your target audience.If you fit a niche, there's no reason you can't build & grow an audience.Quality content and consistency takes care of that.

Awesome, good to know I'm on the right track — just because the production process is something that is completely new to me.I hope to learn to use the tools as quickly as possible, so as to focus more on content.

What was your biggest snafu in your first few podcasting weeks/months?

Learning audio tech.I had zero experience with audio, so it was all learning as I went.I also had a crappy microphone.A better mic + learning about levels & post-production made my show much better.World of difference from my episodes in 2005 to the ones now.